Submitted by WIKY News on Tue, 10/29/2013 - 3:11pm
A bipartisan agreement has apparently staved off a potential large increase in flood insurance premiums. Changes to a federal subsidy program were set to raise flood insurance premiums for some homeowners by 300%. Homeowners in the National Flood Insurance Program have been helped with a subsidy, but the federal government recently removed the subsidy. The agreement between House and Senate members is expected to delay the increase by at least 4 years. Indiana real estate expert Greg Cooper says the bill‘s author never intended to raise premiums.